(Learning Objective 1: Analyzing transactions; using the accounting equation)

Kyle Cohen opened a medical practice specialising in surgery. During the fi rst month of operation (July), the business, titled Kyle Cohen, Professional Corporation (P.C.), experienced the following events:

❙ Requirements 1. Analyze the effects of these events on the accounting equation of the medical practice of Kyle Cohen, P.C.

2. After completing the analysis, answer these questions about the business.

a. How much are total assets?

b. How much does the business expect to collect from patients?

c. How much does the business owe in total?

d. How much of the business’s assets does Cohen really own?

e. How much net income or net loss did the business experience during its fi rst month of operations?